The second-largest U.S. bank by assets has been steadily raising its minimum hourly wage since 2017, when it was $15, and has been at the leading edge of banks raising base pay for hourly workers.
NEW YORK - Bank of America Corp said it was raising its U.S. minimum hourly wage to $22 on Monday, a step closer to its promise of paying workers $25 an hour by 2025.
This latest pay hike comes as inflation in the U.S. hovers at a 40-year high, raising prices for food, healthcare and rent, which, in March, hit the highest level since 2006. Sheri Bronstein, chief human resources officer, said the bank's raises and other benefits are part of "our focus on being a great place to work ... so that we continue to attract and retain the best talent."
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